Xcel Brands, Inc. (NASDAQ: XELB) announced a private investment in public equity (PIPE) financing of approximately $2.05 million.
The company intends to use the net proceeds for general corporate purposes and working capital.
1,670,055 shares of common stock (or pre-funded warrants) and common stock purchase warrants are being sold at $1.2275 per share along with one-half common stock purchase warrant.
Private Placement Funding
Xcel Brands secured $2.05 million in gross proceeds through a private investment in public equity financing.
Usage of Funds
The net proceeds from the offering will go towards general corporate purposes and working capital for the company.
Securities Purchase Agreement
The agreement includes the sale of 1,670,055 shares of common stock and common stock purchase warrants at $1.2275 per share.
Placement Agent
Wellington Shields & Co. LLC acted as the sole placement agent for the PIPE financing.
- The private placement investment provides Xcel Brands with additional financial resources for ongoing operations and potential growth initiatives.
- This funding will support the company in expanding its market presence and enhancing its product offerings.
Xcel Brands' successful private placement underscores investor confidence in the company's future prospects and strategy. The financing will play a crucial role in driving continued growth and innovation within the organization.